Marketers must reassess and readjust the 4Ps of marketing in the midst of COVID-19

New Ideas in MarketingEssential news for marketers, summarised by YouGov
April 28, 2020, 7:37 AM UTC

B2B brands should “blend commerce and compassion” in their messaging.

This article states that for businesses to respond in the current situation, marketers should readjust the 4Ps of marketing, namely product, place, price, and promotion. On the product front, brands could focus on essential items, reduce supply chain burdens and divert some production resources to deliver crisis-related products.

Place should be rethought keeping in mind how employee and customer interactions could be adjusted to maximise safety while serving customers’ needs. Switching to chats, self-guided demos, expanded delivery, online educational content, and more could be an option.

Businesses must consider adjusting pricing after discussing it with relevant stakeholders. To improve purchases, allow for delayed payments and extended trials. The author contends marketers must craft contextually relevant messaging while evaluating promotional spending and performance metrics.

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